Kinnevik Results Presentation Deck slide image

Kinnevik Results Presentation Deck

GROWTH WAS THE KEY UPWARD DRIVER OF VALUATIONS IN THE QUARTER, WITH SOME INERTIA CAUSED BY THE REVERSAL OF LIQUIDATION PREFERENCES ■ ■ U Q1 2023 Valuations In Q1, an underlying valuation reassessment of 2-3% translates into a fair value write-up of SEK 0.3bn or 1% Driven by a combination of on-plan growth in B2B, slight incremental softness in consumer-facing businesses and stable multiples ■ Public benchmark multiples were up by >15% on average, but by considerably less when excluding a positively volatile value-based care peer set Implied forward revenue multiples for our investees were up by 1% on average (down 1% when excluding value-based care) The aggregate impact from liquidation preferences amounts to SEK 2.9bn at the end of the quarter - down from 3.2bn in Q4, with this "amortization" muting the quarter's write-up slightly Currencies were stable in aggregate, but the Norwegian krona depreciated materially by 6% to its Swedish variety Six funding rounds in the quarter at an average c. 50% premium to our Q4 carrying values (>75% if excluding Spring Health) spanning (5) to >150% Drivers & Parameters 28.8 Q4 2022 Value Drivers Unlisted Assets, Illustrative, Q4 2022 to Q1 2023 (SEKbn) NTM Revenue NTM Revenue Outlook Multiples ■Value-Based Care Virtual Care Cash Burn & Dilution Platforms & Marketplaces Liquidation Preferences & Currencies Software Follow-On Investments Consumer Finance 29.9 Business-facing investees are performing in line with expectations, but incremental conservati eness on multiples, softening expectations on consumer-facing businesses and liquidation preferences hold back this quarter's write-up Q1 2023 Early Bets & New Themes KINNEVIK
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